The Company had a cash balance of USD 5.1 million at March 31, 2016, which is sufficient to cover anticipated expenditures through the planned activities of 2016.
At March 31, 2016, the Company had a working capital deficit of USD 9.9 million compared to working capital of USD 6.2 million, at December 31, 2015. The negative working capital is mainly the result of the reclassification of the contingent derivative payment, payable on January 12, 2017 and estimated at March 31, 2016 to be USD 14.6 million, to a current liability. ITH is working to address the derivative payment and believes that they will be successful. However, there is no assurance that the Company will be able to address the derivative payment on acceptable terms, if at all.
Shareholders can obtain copies of the Company’s unaudited first quarter financial statements and associated management discussion and analysis and Form 10-Q on SEDAR at: 网页链接 EDGAR at 网页链接 and on ITH’s website at: 网页链接